Contango Update on Manh Choh Third Campaign Production Results

0:03 I'll say good morning, good afternoon, good evening, depending on where in the world you're signing in from. I've got with me today, Rick Van Doornhuis, CEO of Contango Or, and the company's CFO, Mike Clark. Gentlemen, how are you today? Good morning, Romeo. Morning. Evening for me, but we're at opposite ends of the world today, I think, so there you go. So here's how today's going to work. I think a lot of you in the crowd are familiar with this process, but bear with me for a couple seconds. It is, of course, an interactive event. So in the bottom right of your screen, you can use the chat button at any time during today's event. I've already got some of the questions that came in over email, so I'll be sure to address those as soon as I'm through the questions that I've got, both Mike and Rick. Today's event is also being recorded and will be available probably at about 2 or 3 in the afternoon Eastern time at the latest, so you can expect it to pop right in your inbox. It'll also be on Six's YouTube channel, and then future it'll be on Contengo Wars' YouTube and also their website. Let me get right into the meat of today's events, because we did have some production updates from Moncho.

0:55 I'll say, Rick, this marks the third consecutive campaign where you've exceeded the original 15,000 ounce guidance. This time delivering just over 17,000 ounces. So I'm curious, do you still think this year is going to conclude in line with guidance or does this, at this point, consistent outperformance suggest the original guidance might have been too conservative? Yeah, I mean, you know, Our guidance comes from Ken Ross, the manager and operator of the Montreal project. I think it's fair to say that they will consistently be conservative in giving guidance. I think that's good for us. We're not gonna get out ahead of our skis, so to speak.

1:33 So we'll stick with the guidance they provide. So far, they've not updated that. And we do point out that the mine plan is sort of set a year ahead of time. And in the fourth quarter is generally, that's beginning of winter. It's it tends to be the one that has the least amount of production. So we'll stick with our guidance as is. I think in terms of the total ounces produced, I suspect we'll probably slightly exceed the 60,000.

2:09 And our cost guidance, all in sustaining cost guidance has remained at 16.25. So right now I think, again, the first 2 quarters, we don't have a third quarter yet. That'll come in another month or so, but we've definitely been under in terms of our all in sustaining costs. So we hope that trend continues, but the all in sustaining costs does include capital that you're using going forward in terms of purchasing, replacement fleet and things like that. So we'll stick with our guidance. Nope, makes sense. I know based on the release that you're running a test campaign blending Moncho and the Fort Knox ores at a 1 to 10 ratio. I'm curious if you could just walk us through the economic thesis here. What kind of cost savings per ounce are you targeting? And if it if it does work out, How could this change the economics of extracting those lower grade oxide ounces from onshore that you otherwise wouldn't be processing?

3:07 Yeah, I mean, I guess I'll start with keep in mind that the Feasibility Study Mine Plan, which is still the basic mine plan that we're mining to, was done at $1,400 Gold, which from today's world, that seems amazing. But it wasn't that long ago that that's where a conservative estimate of Gold, long-term Gold was. So clearly, we're certainly stockpiling low-grade material. I'll call it potential Ore, because it wasn't in part of the original mine plan, but it makes money now. So this test batch of running low-grade Moncho ore, which is a gram, and blending that and it's oxide, that's another thing to point out, it's not the sulfide ore, it's the oxide.

3:59 And blending that with your traditional

4:01 run of mine Fort Knox material, which is in the 0.6, 0.7. And this is the mill material, not the stuff they put on the heap leach, obviously. That, you know, seeing those 2 things go through the mill at the same time. It's obviously a much larger scale mill that's used for the Fort Knox ore, which should lower costs. And then blending it with the Fort Knox ore, we're expecting to see lower overall consumables as well, things like cyanide and cyanide destructs, things like that. So if the test proves out, that means we can basically process that, you know, sort of 1 gram type material that isn't really currently part of the current mine plan. So that would, and it's a fairly large stockpile that we've built up of this.

4:53 I think it's actually,

4:55 yeah, average is about a gram. So if you kind of look at it on a big scale, if it works, we've basically increased the mine plan and the mine life by adding this lower grade material and hopefully then making extra cash flow from that. Great. No, I appreciate the insight into that. Just one of those lines, I was like, I should ask for more detail on where we want to go with that. I appreciate it. One thing that's buried into this really, honestly, pretty packed release, is it looks like the village of Dot Lake is dismissing their lawsuit against the Army Corps of Engineers. To me, it's pretty significant.

5:32 Just looking for your perspective, what are the practical impediments this litigation was creating for operations and what doors does this dismissal now open for the project? Yeah, it wasn't really hindering us in terms of our day-to-day operations at all. It's just one of those, you know, sort of clouds that hangs over any project. People don't like litigation. We don't like litigation. There were 4, originally there were 4 aspects to the lawsuit that the court dismissed, 3 of them right off the bat. I think in the end, they just decided that the fourth one really didn't hold water. The plaintiffs decided that the fourth one didn't really hold water. I mean, you're challenging a 404 permit, which is a wetlands dredge and fill permit.

6:18 Wetlands were filled 3 years ago and the mitigation work was done, completed 3 years ago. So

6:27 it's, you know, from a practical standpoint, it's a little hard to understand what the what the lawsuit was really about. So, yeah, we're glad to see it down. But it's it's it was really more of a nuisance than anything else. Let's say everybody likes to see lawsuits in the review mirror. So good to get behind it. Mike, I'll get you in here. I know you're now projecting over 100 million in distributions for 2025 based on 3,500 golds, which is a number that already feels like so long ago at this point. But I'm curious if you could break down the sensitivity here for every, let's say, $100 move in gold price. What's the approximate impact to Contango's cash distributions? Just want to try and 0 in on the operating leverage here. Yeah, so I guess I would look at this from kind of a hedge perspective because our distributions are technically unhedged and then we have to fund our hedge losses out of excess cash. But when I look at it, including the hedges, the net impact to us for every $100 is about a million and a half dollars of free cashflow to the company.

7:26 If you looked at it from an unhedged perspective, assuming our hedges are behind us, or

7:29 we're talking about 2027 and onwards, then it'd be about 5 to 5 and a half million bucks free cash flow for every hundred dollars swing. Right now, appreciate that. Yeah, when you look at that, we only have, you know, 15 million shares outstanding on a it's pretty significant on a on a cash flow per share basis. Yeah, that's real leverage for sure. One thing I noticed, the 0.214 ounces per ton head grade this campaign was really slightly below plan, but it seems like you compensated with higher recoveries at 92.5.

8:02 Just thinking about that, what grade variability should investors expect campaign to campaign? And what levers do you have to kind of manage that variability?

8:11 Yes, so you'll recall that the Feasibility mine plan grade was 8g. And so obviously, again, it was done at a much lower Gold price. So as the Gold price continues to increase, you can afford to blend more lower grade material and still generate a very strong, positive cash flow. So that's kind of the dynamic that takes place. You know, you basically lower your effective cutoff. And then the other driver here that is more of a chemical one, we want to maintain a 2 to 1 ratio of oxide to sulfide, which of course as you get deeper and deeper in your body becomes more and more difficult, which is part of why we want to

9:00 blend that, look at that lower grade oxide material, because that's what you use to sort of, that's your blending material, if you will. And it's at 1 gram, so if your mine plan was 8 and you've got this extra material of 1 gram, you're blending enough of that in there to keep this 2 to 1 ratio of oxide to sulfide. So that's kind of the main drivers. Now, I appreciate that. I was zooming out for a second. I mean, it's 3 campaigns, 3 beats on guidance, which is pretty rare consistency. I certainly don't see it very much. I'm curious what operational practices can you credit that reliability to and how does this track record, in your opinion, position Contango differently than other early producers who are kind of working out their kinks, figuring out the operational challenges?

9:45 Yeah, I mean, that's the case with any startup operation. Last year was a startup operation. And look, when you start up, at least in the Montrover body, it was all oxide. And so your oxide is your best recovering material and it tends to be your, usually the best grades because the Gold has a tendency to sort of be upgraded in that oxide cap, if you will. So you don't want to waste those years or those quarters of production. And so we had above guidance again last year as well. I think we've actually consistently been since we've been reporting, we've been above guidance. In terms of, it's just operational efficiencies that you work in. You recall, we had talked about in the winter months, having picking up ice and snow on the trucks.

10:40 And now we're, we put in some cattle guards that kind of rattle the trucks as they go across and that shakes off the

10:48 ice and snow from the, from all the flaps and the tire wells and things like that. And it's really just practical stuff. And it's amazing that a truck can pick up 2 or 3 tons of ice and snow and or mud. And to address the mud, we put in a wash plant. So it's a pretty powerful looking series of sprayers that just wash the wheel wells out and gets rid of 2 or 3 tons of mud or ice and snow. And that means you can load the truck with 3 tons more of oars. So those are the, you know, they're just kind of practical things that any operator looks at and says, okay, well, there's water accumulating in the in the stockpile area. That's not a good thing. So let's you know, let's bring in some more more fill material and some proper drainage and keep the water away from the stockpile areas just those kind of operational things that you just pick up and you know when you're you're trying to get something in operation, you're

11:50 in a hurry to get it going because you want your cash flow. And then you say, OK, well, we kind of screwed that up and we need to fix that. So that's pretty much how any operation works. Yeah, I like the mix of high tech and low tech solutions. You've got the fancy spray machine and the cattle guard. Both are important. Now, I did have one question about extending Mancho's mine life, but there's one that came in from an investor, so I might as well read theirs. He notes that he's very pleased with the progress in stock valuation, but he wants to know what plans the Peak Gold JBA has to increase the longevity of Manchow. He wants to know if the resource is being drilled currently and what's the potential impact on the resource?

12:25 Yes, the short answer is, yes, there was a little over US$5M exploration program this year. We haven't seen a whole lot of results from it. As you know, the 2 ore bodies, the north and the main pit, sort of dip in opposite directions towards each other. So that corridor of mineralization is what we are prioritizing right now. We've kind of referred to it as the Minex. I expect we'll be able to report on that later this year as all the drill results come in. And we certainly, I certainly as a geologist expect to find a few more, I'll call them bits and pieces in and around the mine site. And again, the pit bottoms were done at a $1,400 Gold price.

13:08 If you use the $3,000 Gold price, you'll be able to expand those pits a little bit just based on that. And then we've got these low-grade stockpiles that we've been talking about earlier and doing the test blended run. All of those things are going to combine, I think, to potentially increase the mine life by a year or 2. That's our hope and expectation. Great. Michael, I'll get back to you for a second. With over that 100 million that we talked about in expected distributions this year, and Lucky Shot and Johnson Track progress now, the next progress is funded from the recent capital raise. What's the realistic timeline investors can look to to eliminate the remaining debt on that credit facility?

13:48 Yeah, I think my answer is subject to seeing the 26 mine plan from Fermont show, which we should expect in the next month. But based on kind of our internal models and where we think what we think the plan will look like for next year. You know, we think we can deliver into all the hedges before the end of next year and pay off the debt before the next year. We have until mid-27 if we want. And then to take it to the next step, I think the new, you know, Rick and I are still talking about this, is, you know, focusing on just delivering all the Gold into the hedges as quickly as possible so that, you know, maybe they can be done by September. And, you know, you would do that if you assume that Gold price is going to continue rising or stay flat.

14:31 But, you know, we're going to monitor that and kind of just monitor cash flows. But we have plenty of cash. I think we're going to finish the quarter with about US$105M in the bank. There are some sizable payables going out immediately thereafter for bank debt, hedge loss and then some payables to the JV for our shipment. But there's a lot of free cash and we're going to spend US$40M next year, at least on Lucky Shot and Johnson Tract. So plenty of cash to do all those things, while also paying off the debt and hedges. And we'll update once we get the budget for 2026 for Moncho and that'll tie it all together and we can give a more clear response. Do you reckon anything to that?

15:12 Yes, no, I think that's it. We'll be opportunistic about taking, chewing down the hedges more aggressively than what is possible. I mean, because we have a hedge delivery schedule worked out with the bankers, but we can only always early deliver if there's opportunity to do so. Great. And I will get back to Lucky Shot and Johnson Trek in just a second actually. I wanted to wrap up with another question on my own show. So looking ahead to 2026, I know you've established a consistent rhythm with these campaigns at this point. What does the preliminary mind plan look like for next year? Are We talking about a similar 4 campaign structure. What is success of the blending test and the other operational improvements? Could that change the production profile? Just looking what can folks in the room expect for next year?

15:56 Yeah, I'd say more of the same. The original mine plan for 2026 was a low part of the overall mine plan. But as you point out, this test run of the low-grade oxide material could certainly work into that plan to increase overall production from what was originally planned. And then I'd say the other thing is we're adding,

16:31 the fleet's basically operating more efficiently, the trucking fleet. So I think those are all sort of incremental benefits that we'll see be incorporated into that 2026 plan. Yeah, awesome. Give us a month or so and we'll get that. Traditionally, we get that in mid-October, mid late October and we have an internal discussion and we usually approve it in the November meeting, November joint venture meeting. Great, So watch this space. Watch this space. Watch this space. I do want to get just an open question. Can you lay out the plan for Lucky Shot and Johnson Trek from here? What's up next? What can investors look forward to? Yeah. So I was just talking with Dave Larimer, our exploration manager, and we're getting the drill crew mobilized.

17:23 I think we're hopefully it'll be up and running by the end of the month or very first week of November. And it's basically just an underground drill. We'll just have a single drill. We've got the West drift completed and in place and ready for the drill to get set up. And we're just going to drill a whole series of fan shots across the foot wall of the vein structure. So it's just literally a series of fan holes that come across the ore body. There'll be relatively short holes, 20 to 30m sort of average length. And we'll probably have a few out the end of the drift. We had hit some high-grade sort of extra subsidiary vein mineralization that's at right angles actually to the standard Lucky Shot vein orientation.

18:16 So we'll be evaluating that structure as well. But we'll start, we should start at the end of the month, first week of November, and then we'll be drilling through the holidays and probably take a bit of a break through the holidays. And then we'll get the mine crew in there and extend the other workings so we can create more access for the drill to keep going. So we'll be drilling in there for probably the next 12 to 18 months. Great. One thing, obviously, your share price since last Christmas has had a good run. But I look at Contango and it's generating substantial cash flow, producing asset in a safe jurisdiction with gold at all-time highs. So there is still, I think to me, obviously a bit of a disconnect between the company's current valuation and even just the underlying cash generation capability.

19:12 So what catalysts do you think are going to help the market get to properly valuing this story from here? I think it's getting more news out and just demonstrating that LuckyShot, first off, is moving forward to a mine construction decision. And again, we're using our DSO model, so when we say mine construction, it's sort of a, I call it sort of feasibility light because we're not building a mill in a tailings facility in a big power plant and all that. So it really is a mine plan and a transportation plan. And so for Lucky Shot, again, it's a fully permitted mine site. And our transportation plan is basically putting rocks in a box and hauling them down to the railroad, which is 20 miles away. So, you know, it's a simple plan.

20:01 We've got a number of opportunities to where to process the ore, including Fort Knox. We think that's a viable alternative. But we have a couple of others that we're looking at as well. And The nice thing about the railroad is that it goes north to Fairbanks, but it also goes south to Seward, which is a port in Alaska that's on the Pacific Ocean. And so it can go a lot of places from the Pacific Ocean. It can go over to Asia for processing or to mills down in British Columbia. So those are sort of the 3 main alternatives that we're evaluating. And as the mine plan for Lucky Shot comes together, I think the market will start to appreciate that although it's a small, small high-grade mine, it can generate a huge amount of free cash flow.

20:56 This is sort of back of the envelope our estimates, but a mine that produced say 40,000oz of Gold a year can generate US$80M of free cash flow. So again, for a company that's got 15M shares outstanding and generating over US$100M of free cash flow itself from our Moncho operations, This is all work that we can self-fund at this point. And that same approach and logic works for the Johnson Track project. It's just a couple of years behind Lucky Shop because we have to actually build the tunnel and get underground and build the tunnel there. And so in that sense, it's a couple of years behind lucky shot, but it is basically the same plan, wash, rinse, repeat sort of a approach.

21:48 It's good grade. It's, you know, Johnson Track is a beautiful ore body. Averaging as this, we've talked about 40 metres wide for an underground mine is an exceptionally, exceptionally large stokes. So it'll be relatively inexpensive underground mining. So I think the next catalyst for Johnson Track is receiving the permits from the state, which we expect to do by early next year. And then we can talk about mobilizing equipment and getting ready to construct the road and get the camp upgraded and then start advancing our tunnel. Great. I like you should get t-shirts made rocks in a box in a railroad. Sounds like a John Steinbeck novel. I like it. It's good. Good, good turn of phrase. I got one more for you, Rick, and then I'll get into the questions that are in from the chat, but also 1 lengthy 1 that came in over email. And that's really what comes next for the company. You've laid out the next couple of years, but can you lay out just a long-term strategy? Give me the far future version of what Contango looks like. Yes, I guess the way I would frame it is right now we have a solid five-year plan to increase production just over more than 3X from our current 60,000oz of Gold production a year at Moncho, including Lockheed Shot and Johnson Track over the next 5-years, getting to 200,000oz of production.

23:12 And so I think, you know, and we can self-fund that. And I think that's an important thing. So we can be producing 200,000oz of Gold with 15 million shares outstanding. And we think our margins are going to be comparable to what we have at Moncho. Actually, Johnson Fract, based on the preliminary initial assessment, we're substantially lower all in sustaining costs than Moncho. But just stick to simple math, we'll be generating a very, very strong amount of cash flow for a company our size. So what's the next step is to basically extend that to a 10-year plan. And so we're looking at opportunities where we can continue to grow the company organically through an M&A strategy and acquiring other properties where we can apply a similar approach.

24:14 As I said in the past, we might, if there's opportunity to acquire a mill and use that as a central milling complex, we sort of get the advantages of a direct shipping or DSO model combined with a hub and spoke model of owning your own mill on the water that can receive high-grade ores from wherever. And once you're on a barge, you've got rocks in a box on a barge, there's a lot of flexibility in that model. So we like the model. It'll be focused on high-grade. I don't see us going after, say, low-heat, heat-bleach sort of great opportunities at this point in time. But so basically, you've got a good solid five-year model, let's make it a good solid 10 year model.

25:03 You know, I like rocks and box and a barge. You got a sequel already. So I like a couple of questions from the chat. 1 just a great question. That's something I should have thought of. Can you speak to the situation of the Tetlin tribe? Have they been able to use their royalties to improve their quality of life? Yeah, great question. And the short answer is yes. I mean, it's not a large tribe. They have set up, and obviously I don't want to speak on their behalf, it's their business, but from what we understand, they have set up effectively a sovereign fund that is putting money away. I'll use the term half, I don't know that it's actually half, but a significant portion is going away to fund future requirements for the tribe and part of it's being distributed. So I think they've been very thoughtful about how they are taking this wealth generated from the royalties and spending it on things they need today, but also thinking about things that they need and they're going to need in the future.

26:16 And of course, the other aspect of the working relationship with Tetlin is the, are the jobs and the training and the advancement in their careers. So it's really worked out well, I think for them. And I think they've been very thoughtful about how they've approached this from the beginning. So we have a lot of respect for Chief Michael Sam and the Council there. They've done a good job of managing their lands. And this is what self-determination is all about. And it's a big deal in Alaska. And I know it's a big deal a lot, but a lot of Aboriginal First Nations in Canada.

27:02 And so it's, this is where it happens on the ground. It's good to see. Awesome. Couple of questions. I think 2 more for you, Rick, and then I got 1 long 1 for you, Mike. Apologies, but it's a multi-part, so I'll hit you with those. But Bevan Sweet from the chat asks, can you speak to whether your acreage holdings are prospective for rare earth metals or minerals? Short answer is no. Although I'd say the Tetlin lands are quite extensive, We've never evaluated them for rare earths, and that certainly is not a focus of ourselves or Ken Ross for the Tetlin lands. And our other projects are sort of gold, copper, silver focused. So I think short answer is no.

27:48 Great. As 1 starts with, dear Rick, love the work you do. As you mentioned a few times, Contango is looking for a mill to acquire. Curious in the case, if you're going to have an option to acquire a mill within the next few years, what happens with the ore from Mon Chaux? Does that ore have to be sent to the acquired mill or to the end of mine life as it's being processed at Fort Knox? I'm curious if there's obligations or if you get to decide where it goes. Yeah, no, this, we formed a joint venture, the Peak Gold joint venture, 70-30 between ourselves and Ken Ross. And the whole purpose of that joint venture is to mine ore at Moncho and send it to the mill at Fort Knox. So Moncho ore would be dedicated to go to Fort Knox. And so we would envision this for our Johnson track for a hundred percent on Johnson track and Lucky Shot projects.

28:40 Perfect. Like I said, Mike, I got a multi-part one for you here but It starts with, I know we've already touched on it, but could you elaborate in detail the hedges that you still have? We'll start there. Sure, easy one. There are 49,300 ounces of hedges remaining, including the carry trade up until October of this month, end of October of this month. And those are scheduled to be delivered into between December and I guess technically June of 2027. But as I said earlier, I think we will find ourselves in a position where we can start delivering all the next Gold into that and have an objective of trying to get out of having them all done by the end of September of next year. Great. Next, what's the average Gold price you sold this year?

29:27 Around $3,300 is the average price year to date. And you know, starting the year, I think about US$2,600. And so now we're at US$3,800. Our strategy with Gold selling is the minute that we get a shipment, we sell that Gold. So we basically sell it at the earliest moment we can. Because of the arrangement with Kinross in the joint venture, we can't afford to take risks on Gold going up or down between shipments. That is basically the spot price on every week that we've sold this year. They want some napkin math also. What improvements can come on a yearly basis with $3,800? And let's look forward to 2026. What does $4,200 look like? Hard for me to answer that without seeing the 2026 plan from Ken Ross. Give me a month, I can answer that for you. But I think you just kind of if you just assume you know we're fully hedged for next year and then go back to my earlier example I think you just assume at $4,200 gold you're going to make you know another $6M from $3,800 today or whatever it is.

30:32 But it's about a million and a half bucks more net to the company a year, including the hedges. Unhedged, like I said, that would be 5 plus million per $100. Awesome. Yeah. And then other than that, The costs are fixed other than the Royalty. So you just have the Royalty that goes up with that, but that's de minimis, that's 6% on the Gold price. But yeah, all the rest is for us. Awesome. Rick, his last 2 questions I'll throw to you. What's the estimated NPV of the 2 other projects under exploration? So Lucky Shot and Johnson Track. Yeah, so Johnson Track, we actually have an initial assessment on, so I can sort of point to that and speak to that. So we did that, it's amazing, And that was not even 6 months ago when we put that out and we used the $2,200 gold price and And we debated whether we should use 2000 or 2200. So we used 2200 and I think the MPV was 250 million dollars at today's gold price.

31:39 We're about 600 million dollar in NPV on the project. So It's a very robust project and it's going to generate a huge amount of free cash flow for the company. Lucky shot, we do not have a similar initial assessment study. What our objectives are is to have a mine that's producing about 40,000oz of Gold a year, so relatively modest amount of production. But because it's very good grade, we think our all-in-sustaining costs are going to be similar to what we see at Moncho, which means you're generating about $80 million of free cash flow at what about a $3,200 gold price. So yeah, these high-grade projects are great because They just generate a lot of free cash.

32:33 And I think that's what our business should be about. I understand I get the whole leverage to gold or silver, but not all ounces are created equal. High grade ounces are definitely worth more than low grade ounces. So we're gonna stick with that model. You can take a second to meditate on a hundred million dollars of cash. It's like nice to hear, good to focus on. And the last part of his multi-part question, thanks for all the questions by the way, is are there any other companies that you know of using a DSL model that people can point to to look at? I'd say there are certainly in Australia, you see this model used a lot more with sort of a central mill hub and spoke kind of a concept. I don't think you see it used very often as we've done with Moncho where You know, you've got sort of excess capacity at someone else's mill And you sit down and you work out an agreement with them and I do think there's more opportunity for that.

33:33 But you have to have the excess capacity. And or if you have high grade ore, there's always an opportunity to displace low grade ore, which was the case at Fort Knox. I mean, Fort Knox is less than the gram average grade and our feasibility grade was 8 grams. So there's a business transaction to work out there. And I do think there are more opportunities to do that elsewhere. So, But as we've talked about, we like the idea of, if there's opportunity for us to own a mill, that's something we will definitely take a look at. And then we can do like the Australians do and have a DSO and have them spoke, sort of combined bind model.

34:19 And we think that there's a lot of merit in that. Awesome, I got 2 last real quick ones from the chat and then we're gonna call it for today. One is when can we expect an SEC filing that discloses the participants in the capital raise? Michael, let you answer that one. I don't know the answer to that. I actually I don't know and I don't know when it will be public, but I'm guessing in their next quarterly filings of the 2 funds that participated. So I put that at mid-November, as a guess. Yeah, fair enough. And Tim from the chat asks, we kind of already touched on this, but just we'll use it as an opportunity to give closing remarks, Rick. Is what key lessons or efficiencies from this third campaign are gonna carry forward to improvement shows long-term performance and cost structure?

35:06 I think it's still kind of doing more of the same and there are these make these incremental improvements. And I don't know if there are more cattle guards that we can put in place or more watch stations, but it's those kind of just, you know, boots on the ground. Here's what we can do to just tweak the operations and make them more efficient. I do think this blending test run that we're doing is an opportunity to get more ore and extend the mine life and or get more ore sooner in the next 2, 3, 4 years here. So We'll look forward to updating everyone on the results of the test batch, or test blended batch, I guess we're calling it.

35:55 And meanwhile, just some continued incremental improvements. And again, I'd mentioned the truck efficiency, it's just making sure the trucks are full and because we respect their weight restrictions, but we wanna make sure we're not, if there's another ton of ore we can put in the truck and meet the weight restrictions, we wanna make sure we're doing that and not going light. Awesome. Well, like I said, we'll wrap it up there. Rick, Mike, thanks as always for running us through, give us some extra context and going through grilling, as always, for a million questions. I really appreciate your time. If anybody has any additional questions, please do shoot them through or pass directly through to the Contango team but any you send through to me I'll make sure the team gets them but Rick Mike thanks so much this is great hope you